Tikijian Sells 753-Unit Asset in Indianapolis
- Dec 29, 2011
Indianapolis—Tikijian Associates has arranges the sale of The Cottages of Fall Creek, a 753-unit community located on the northeast side of Indianapolis. The property, formerly known as Brendon Way, was offered un-priced and picked up by an investment group headed by Bluestone Property Management. Tikijian represented the special servicer, Helios AMC, who acted as agent for the owner after obtaining the property’s title subsequent to foreclosure action.
This is the fourth acquisition that Bluestone has completed in 2011. The firm currently owns and manages twelve multifamily properties totaling over 4,500 units. The new owner is implementing a multi-million dollar renovation which will upgrade unit interiors and improve the exterior and amenity spaces. Financing for the transaction was provided through Key Bank. Terms of the transaction were not disclosed.
Distressed Asset Acquisition Group deploys new fund for 2012
New York—Distressed Asset Acquisition Group Inc. has announced that it is launching a new residential and apartment real estate acquisition fund in 2012. DAAG, along with several other partners, will invest up to $50 to $100 million in cash to acquire residential and apartment communities. The fund will focus on purchasing both core-plus and value-add properties, as well as short-sale transactions and loan-to-own purchases.
“Even though apartment rents are currently down and vacancies are concessions are higher than in recent years, we strongly believe the apartment sector will recover nicely by 2012 and beyond,” says Frank Castellano, president of Distressed Asset Acquisition Group.
The fund will also target properties in need of recapitalization, and money will be invested into fee-simple transactions and debt purchases secured by multifamily assets.
Alliant provides $1.1M refi mortgage
Alameda, Calif.—Alliant Capital LLC announced the $1.1 million refinance of a 15-unit garden style multifamily property located in Alameda, Calif.
The Fannie Mae DUS Small Loan refinance was closed on Dec. 22, 2011 with a 4.14 percent interest rate and a 10-year fixed rate term with 30-year amortization. “The borrower came back to Alliant after shopping around with other FNMA DUS lenders, due to our efficiencies and ease of application. The 16 unit tuck under property closed very smoothly within 60 days” says Robert Feldman, Alliant’s Vice President in San Francisco.